German Finance Minister and Vice-Chancellor Olaf Scholz believes that the digital euro can be useful for the country. He stands for the national digital currency.
The digital euro in Germany
"Such a payment system would be beneficial for the financial center of Europe and its integration into the global financial system," Scholz said last week in a report published by the local business news magazine WiWo (WirtschaftsWoche).
"We should not leave a"field of opportunity “for China, Russia, the US, or any private providers," Scholz added, exploring Libra, the proposed Facebook-led stable coin.
Some supporters have promoted not only the digital euro but also the idea of the digital dollar.
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- Last week, US lawmakers, French Hill (R-Arkansas) and House of Representatives’ Bill Foster (D-Illinois), asked the Federal Reserve, the country’s central bank, to consider creating a "national digital currency."
- The Central Bank of China is “ready” to launch a digital version of its currency in yuan later this year or early next year.